Elon might be perceived to be too 'damaged' to fix anything now - his credibility on Twitter shot, but, were he to do a giant 'mea culpa' right now and put some other person in charge, he might win a few points frankly but it's going to be really hard for him.
Perhaps Elon could make a 'Freedom of Expression Constitution' and then put someone in place to 'Enact the Constitution' - maybe he could head the 'Constitutional Board' and then walk away saying: 'I've done what I've come to do, Mars needs me more than Twitter, it's in good hands, I'm on the Constitutional Board to make sure they follow the right path!'. That would give him public cover for his motivations and maybe save just enough face for him to get out his own way. I suggest most people would agree Twitter could have used some reforms anyhow and so even if the market didn't buy the 'narrative' they would see the reality of the situation and some upside.